spain's has been raising taxes. we have not seen anything like this with governments deliberately raising taxes on a scale since the early 1930's. they should be going in the opposite direction. they are putting more burdens on the private economies. host: somebody who may be in your income group wrote an op-ed about a month ago and this is part of it. i want to get your reaction. guest: in terms of income and what people effectively pay in tax rates, people and higher incomes pay effective tax rates three times those earning middle incomes in this country. salaried income versus capital gains gets confused. capital gains are no sure things. it is a high-risk proposition. there has always been a lower rate for capital gains. you would see this economy crater and hope of investment and go by the boards. bill clinton lowered the tax rates. to reverse that trend, that was a bad decade, the 1970 's. we have seen that in other countries. raise the rates and you get less investment and a lower standard of living. host: do